Synopsis | Case For Socialism By Alan Maass
THE SYNOPSIS OF YOUR FAVORITE BOOK =--- Where to buy this book? ISBN: 9781608460731 Book Synopsis of Case for Socialism by Alan Maass If you want to add where to buy this book,...
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Synopsis | Case For Socialism By Alan Maass - Video
Synopsis | Soviet Society In The Era Of Late Socialism, 1964-1985
THE SYNOPSIS OF YOUR FAVORITE BOOK =--- Where to buy this book? ISBN: 9780739175835 Book Synopsis of Soviet Society in the Era of Late Socialism, 1964-1985 by Robert Kahn If...
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Jesse Peterson: Obama #39;s State of The Union Was All About Socialism
Jesse Lee Peterson responds to Obama #39;s 6th Annual State of the Union Address. Jesse is joined by Patrick Rooney aka "the smartest white man on this side of Heaven." Listen Live to The Jesse...
By: Jesse Lee Peterson
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Jesse Peterson: Obama's State of The Union Was All About Socialism - Video
JORGE SILVA / Reuters
Humberto Garcia, 66, lines up on Monday outside a supermarket waiting for any basic goods to be sold in , Venezuela, an oil-rich nation that is experiencing unprecedented shortages.
OPINION:
The problem with socialism isn't that you eventually run out of other people's money. It's that you eventually run out of oil money.
Well, at least in Venezuela. It doesn't have an economy, you see, so much as a poorly-run oil exporting business that isn't enough to subsidize everything else. And that was true even when oil was over US$100 (NZ$130)-a-barrel. So now that it's under US$50 (NZ$65)-a-barrel, Venezuela's government has gone from defaulting on its own people, as former minister Ricardo Hausmann put it, in the form of rampant inflation and shortages, to really doing so, to the point that it might have to start defaulting on its debt, too.
It shouldn't be this way. Venezuela, after all, has the largest oil reserves in the world. It should be rich. But it isn't, and it's getting even poorer now, because of economic mismanagement on a world-historical scale. The problem is simple: Venezuela's government thinks it can have an economy by just pretending it does. That it can print as much money as it wants without stoking inflation by just saying it won't. And that it can end shortages just by kicking people out of line. It's a triumph of magical thinking that's not much of one when it turns grocery-shopping into a days-long ordeal that may or may not actually turn up things like food or toilet paper.
JORGE SILVA / Reuters
LONG WAIT: A woman shows a queue number as she lines up outside a supermarket to buy corn flour in Caracas earlier this week.
RELATED: In shortages-hit Venezuela, queuing becomes a profession
This reality has been a long time coming. Venezuela, you see, has the most oil reserves, but not the most oil production. That's, in part, because the Bolivarian regime, first under Chavez and now Maduro, has scared off foreign investment and bungled its state-owned oil company so much that production has fallen 25 per cent since they took power in 1999. Even worse, oil exports have fallen by half. Why? Well, a lot of Venezuela's crude stays home, where it's subsidized to the tune of 1.9 NZ cents per gallon. (Yes, really). Some gets sent to friendly governments, like Cuba's, in return for medical care. And another chunk goes to China as payment in kind for the NZ$58 billion it's borrowed from them.
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Venezuela should be rich, but socialism has destroyed its economy
Socialism Communism WH2SOL9b Part 2
Capitalism, Socialism Communism.
By: Crystal DeLong
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Socialism & Communism WH2SOL9b Part 2 - Video